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Health Insurance

Health Insurance: Health insurance or medical insurance is an insurance product that provides coverage for expenses in the event of an illness or injury. Health insurance plans safeguard your hard-earned funds from being spent on expenses related to hospitalization, medicines, consultation, and more. A health insurance policy can also be viewed as an agreement between you and your insurer that binds them to cover you financially in case of any medical emergency.

There are several types of health insurance policies in India. Choosing a suitable policy for yourself and your family is necessary so that you can relax when it comes to paying hefty medical bills. You not only get covered for the treatment cost with your policy, but also get facilities such as cashless treatment and quality healthcare at a reputed network hospital.

Types of Health Insurance

Buying a health insurance cover is important. Yet, there are times when people are reluctant to buy an appropriate cover. Often, people get confused between the different types of health insurance policies that are available.

When buying a policy, it is important to choose a health cover that fulfils your needs. Let us start by understanding the key differences between individual and family floater policies:

Individual Health Insurance

Under the individual health policy, the proposer and dependent family members can be covered in the plan with a separate sum insured. So, in case you are looking forward to securing yourself along with your family members where you need not share your sum insured, consider choosing an individual insurance plan. You can avail of cashless treatments at over 8000+ network hospitals with our insurance plans.

Some key features of Individual Health Insurance:

  • Multiple sum insured options
  • Cover for pre and post hospitalization
  • Covers daycare procedures, extended family
  • Covers ayurvedic and homeopathic treatment
  • Road ambulance cover
  • Daily cash benefit

Family Health Insurance

Medical expenses do not come with any warning. Hence, it becomes important to have a robust health insurance policy as a part of your portfolio. The family floater policy permits you to include multiple family members within the same insurance plan for a single premium payment. Under this type of policy, the sum insured is shared by all the members covered in the plan, thereby secure the family at a feasible insurance premium.

Some key features of Family Health Insurance:

  • Cover for Dependent family members
  • Daycare procedures cover
  • Pre and post hospitalization
  • Convalescence benefit
  • Bariatric surgery cover
  • Sum insured reinstatement

Health Insurance for Senior Citizens

As a person ages, the body starts showing different signs that indicate ailments that may happen primarily because of age-related problems. Hence, it becomes important to be prepared for the golden days. Health insurance for senior citizens acts as a shield in case of any such medical condition during old age and doesn’t leave them in financial distress.

Some key features of Health Insurance for Senior Citizens:

  • Shorter waiting periods for Pre-existing Diseases
  • Waiver of co-payment
  • High entry age
  • Cumulative bonus
  • Free health check-up

Top-Up Health Insurance

A top-up health policy ensures that even if the sum insured of the base medical insurance plan is exhausted, you still are covered. A top-up policy provides an extra or a “Top-Up” cover to the existing insurance policy.

Some key features of Top Up Health Insurance:

  • Maternity cover
  • Pre- and post-hospitalization expenses
  • Floater cover for the entire family
  • Shorter waiting period for pre-existing diseases
  • Day-care procedures

Personal Accident Insurance

The personal accident policy takes care of you and the family members against any adversity. It provides comprehensive cover against accidents and supports in the hour of a crisis. You can protect yourself from the expenses of any unforeseen accidents. It covers you and the family against any bodily injury, death disability that is caused because of a mishap

Some key features of Personal Accident Insurance:

  • Sum insured up to ₹ 25 Crore
  • Family cover
  • Children’s education bonus
  • Add on benefits like Adventure Sports Benefit, Accidental Hospitalization, Coma Care, Fracture Care, etc.

Group Health Insurance

In these tough times of rising medical expenses, group insurance policy is the perfect protection for the employees and their families. It takes care of the medical treatment incurred during hospitalization from an accident or illness.

Some key features of Group Health Insurance are:

  • Hospitalization expenses
  • Nursing charges
  • Cost of pacemaker and similar expenses

Benefits of Health Insurance Plans

The rising cost associated with medical care is one of the biggest reasons to buy a health insurance policy. And, the benefit of investing in adequate health insurance plans is that they give you stability in terms of paying your hospital bills, even if it’s for simple day care procedures or preventive health care check-ups.

Following are some of the key benefits:

Cashless Treatment:

You can avail the benefit of cashless health insurance plans if you visit a network hospital for treatment. This means that you don’t have to arrange for funds from your pocket while getting quality health care. All you need to do is inform the insurance desk in the network hospital about your policy number. They will arrange for the pre-authorization letter from your insurance company, and the hospital bill settlement will be taken care of smoothly by the hospital and your health insurance company.

Tax Benefits:

You can get a tax benefit by paying a premium towards your insurance policy. Whether you buy a policy for yourself or your family, you can get tax exemption as per Section 80D of the Income Tax Act. You can claim a tax deduction of up to ₹ 25,000 per year for the health insurance premium paid for yourself, if your age is less than 60 years and up to ₹ 50,000 if you are a senior citizen.

Daily Hospital Cash:

If you have a health insurance policy, then you can get the benefit of daily hospital cash. This means that your insurance company will pay you a certain fixed sum of money daily (up to a limited number of days), which you can use to get reasonable accommodation for your family member/care taker. Feature available in Individual Health Guard and Family Floater Health Guard.

Cumulative Bonus

If you renew your health insurance policy without any break and there has been no claim in the preceding year, then your Sum Insured (SI) is increased by 5% for the first year and 10 % for every successful claim free policy renewal. This increment in our SI is limited to 50% at max. Feature available for all health insurance products.

Free Health Check-Ups

It is said that prevention is better than cure. And, with your health insurance policy, you can avail the benefit of preventive care. You can regularly undertake heath check-ups without having to worry about paying medical bills.

Life Long Renewability

Once you buy your annual health insurance policy, you just need to renew it every year before its expiry to get the benefits of health insurance for a long time. You can add in some requirements as per your family size and the coverage needs at the time of renewal.